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China Minmetals Corporation, and Nacional del Cobre de Chile (Codelco) announced in Beijing on Wednesday the establishment of a joint venture with a total investment of US$2 billion to develop Chilean copper resources.

 

The first-phase investment in the project involves US$550 million, according to an agreement signed by the two companies.

 

Codelco will provide, through the joint venture, 836,250 tons of copper to China Minmetals Non-ferrous Metals Co., Ltd., which is controlled by China Minmetals, over the next 15 years.

 

China Minmetals has the right of option to buy, in or around 2009, a 25 percent to 49 percent stake in GABY, a copper mine run by Codelco.

 

(Xinhua News Agency February 23, 2006)